Mauritius

New Documents

The Bank of Mauritius announced the signing of an interagency Memorandum of Cooperation regarding anti-money laundering and counterterrorist financing cooperation with the Financial Intelligence Unit, the Attorney’s General’s Office and other local supervisors.

The president of Mauritius signed into law the Anti-Money Laundering and Combatting the Financing of Terrorism (Miscellaneous Provisions) Act 2020, which amends various provisions of existing anti-money laundering and counterterrorist financing laws.

Enforcement Actions

0 Items Found


Important Facts

  • The U.S. State Department identifies Mauritius as a monitored jurisdiction. Laundered funds are primarily derived from the proceeds of drug trafficking, mainly heroin and subutex, a prescription drug that is illegal in Mauritius. Other important predicate money laundering offenses include theft, conspiracy, forgery, swindling, Ponzi schemes and corruption. Drug trafficking organizations and organized criminal groups do not control criminal proceeds laundered in Mauritius. According to recent investigations, money laundering occurs in the banking system, the offshore financial center and the non-bank financial system. Criminal proceeds are derived from both domestic and foreign criminal activities. Mauritius prohibits shell companies, bearer shares and nominee or anonymous directors or trustees. At the end of 2015, there were 231 operators in the Mauritius free-trade zone.
  • KYC Covered Entities:  Banks, insurance companies, securities dealers, money changers, foreign exchange dealers, accountants, lawyers, notaries, chartered secretaries, gaming centers, jewelry dealers, property developers and promoters, and estate agents
  • STR Covered Entities:  Banks, insurance companies, securities dealers, money changers, foreign exchange dealers, accountants, lawyers, notaries, chartered secretaries, gaming centers, jewelry dealers, property developers and promoters, and estate agents
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 19 (Jan. 1 – Nov. 12, 2015); Convictions: 9 (Jan. 1 – Nov. 12, 2015)
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 19 High : 0
Largely Compliant : 11 Substantial : 0
Partially Compliant : 4 Moderate : 2
Non-Compliant : 6 Low : 9

Mauritius' technical compliance was re-rated in a Oct. 21, 2019 follow-up report

BASEL i

Rank : 59/141
Score : 5.33/10

TRANSPARENCY INTERNATIONAL i

Rank : 56/180
Score : 52/100

Tax Justice Network i

Rank : 51/133
Score : 72/100